Effectively Using Internet Leads

Due to the current economic situation as well as the ease of the internet, many agents and brokers are seeking new methods to maintain profitability, including purchasing Internet leads. With these leads, agents can find a higher, more consistent volume of prospects, as well as increased potential revenue. As a primary source of potential insurance consumers, Internet leads can be a profitable marketing expenditure if handled correctly. But the prospect of switching from traditional referrals and advertising to buying or generating Internet leads remains intimidating for many agents/brokers. Internet leads have a checkered reputation in the industry - a number of agents/brokers have either been burned by a bad experience with a lead-generator in the past or have been swayed by horror stories of poor performance.

Learning how to sell to Internet prospects is the key to success with these leads. This process may involve a shift in how agents/brokers mitigate risk, manage their contacts and monitor their insurance sales. But once they update their selling habits, agents/brokers can use Internet leads to their full potential.

If you wish to get started with Internet leads, try following these six tips:

  1. Don’t be afraid to change: Agents/brokers can’t accomplish the switch to Internet leads without embracing a new business model and investing. In order to succeed with Internet Leads you must adjust the way you manage prospects to fit with new technology - and find increased profit significant financial, technological and human resources in new systems and processes. It requires a significant level of commitment from the CEO, the lead-qualifying staff and every employee in the office. For those with the confidence to proceed, the prospective rewards are great. No longer limited by their personal networks or the volatility of local markets, agents/brokers will have access to a steady flow of leads from across the country, filtered to their businesses according to customized rules.
  2. Research, research, research: To receive high-quality Internet leads, agents/brokers must find and work closely with reputable lead-providers - which requires research and monitoring. Agents/brokers should start by identifying the insurance consumer types they are interested in receiving leads for and then search for the lead-providers most qualified to supply them. Agents/brokers should contact the providers they’re interested in and ask them these questions: How are the leads generated? Who else would receive the same leads I would? How many companies receive those leads at the same time? Does the company recycle leads from others? After selecting dependable lead providers, agents/brokers can customize the filtering process so they obtain only those leads suitable for their products and most likely to close. The research process should be ongoing. Agents/brokers should monitor their lead- providers’ performances over time; continually adjust filters and pricing; and replace underperforming leads with high-performing ones.
  3. Re-educate your sales force: Agents and brokers, especially those accustomed to working referral leads, must be prepared for the increased competition and pressurized demands that Internet leads require. Many of these prospects will receive up to 5 calls in the hour after submitting their information to a lead-provider - so every minute counts. The first person to call these prospects often gets their business. Fortunately, agents/brokers will have several chances to be first, as, given the volume of leads they will receive, they can make as many as 150 calls per day. Because most of these potential buyers will be unaware of the deluge of calls headed their way, it’s important for agents/brokers to establish trust during the initial conversation, explain the situation and characterize themselves as honest, professional and helpful.
  4. Invest in a lead-management system: Clearly, speed is critical in making first contacts. Therefore, speed is also an issue in lead distribution among broker’s loan officers. Distribution through spreadsheets, e-mails, handouts and manually generated reports may not be fast enough. Instead, agents/brokers should consider using automated lead-management systems. These systems often are designed for creating, managing, analyzing and distributing leads. They automate many tasks that companies still do by hand, such as assigning, working and tracking leads. They can also automate marketing, follow-up and metrics reporting. There are several different systems from which to choose. Agents/brokers should look for a system that integrates with their quoting systems; creates and customizes reports; monitors their agent’s performances; and provides training and technical support.
  5. Pick a distribution method: With Internet leads, efficient distribution can make the difference between success and failure. Most insurance agencies and companies either send all leads directly to their team to contact and transfer hot leads. In the first scenario, the lead-management system plays a critical role because it can be set to handle the lead-routing without the oversight of a manager. If an agent fails to act on the lead in a set time frame, the system can reroute that lead automatically. In the second option, a qualifying team takes the cold calling and qualifying steps out of the agent’s hands, allowing them to focus only on closing deals. Agents/brokers can still use their lead system in these situations to monitor leads to make sure they are being worked quickly and distributed efficiently.
  6. Become metrics-driven: Agents/brokers can watch their sales and marketing performances through metrics provided by a lead-management system. They should focus particularly on the speed of initial contact, contact percentage, application rate, conversions to sales and the profitability of different kinds of leads. By analyzing these results, agents/brokers can evaluate lead-providers as well as improve training and filtering. Many companies appoint one employee whose only responsibility is to ensure that lead-distribution processes are followed and refined in order to boost conversion rates. Volume, speed, structure and consistency are the core characteristics of the Internet-lead business model. By changing how they contact, manage and distribute leads, agents/brokers can use Internet leads to increase their financial results for years to come!

Internet leads are all about competitive pricing so it is important to choose the right product from the right source! If you have a strong cross selling and referral program, you may also consider using a loss leader such as autos or health leads to open the door for Life and Disability sales. Internet leads can provide and allow for the very best of selling if used efficiently and effectively!

How quickly would your income increase, if you could:

  • Immediately gain the trust and respect of each prospect you meet with?
  • Help your prospects identify and solve their complex financial issues?
  • Apply your product and industry knowledge ethically and responsibly?
  • Guide '9 out of 10' of your prospects to a satisfactory sales solution?
  • Earn the right to receive tons of referrals from every client?
  • Work with fewer prospects and consistently close larger sales?

...Then, it's time for you to learn and practice the art of Consultative Selling!

Unfortunately, Consultative Selling has been one of the least taught sales skills over the past two decades. And, it's one of the main reasons why so many agents and advisors are struggling in this crazy economy, and why they are seeing their incomes rapidly declining. People are tired of sales people. They are looking for and want real help with their finances! People want to believe they can take back the control of their money. They want to know they can have a secure financial future for their family!

If you want to see your practice grow and increase your income, then help people to identify their own problems and help them to find a solution that solves those problems. It's what people are really looking for today, especially in this struggling economy! It's what people want and expect from their financial adviser!

Consultative Selling is not really about selling. Consultative Selling is about your ability to conduct a good, thorough fact-finding interview. It’s going far beyond asking a few simple questions to identify the prospects pertinent facts and concerns, so that you can make a quick sale. It's asking the tough emotional questions to guide your prospect to self-discovery of their own financial concerns and problems. It's helping your prospects to get emotionally involved in the entire sales process. It's helping them feel the real pain of their current situation, so they want to do something about it, 'right now,' to alleviate that pain.

"Consultative Selling is the ability to see the customer's problems from the customer's own viewpoint!" Charles Francis, 1917

Consider, people don't always do or buy what they need. Logically, we may know we need to lose weight, quit smoking, save for retirement or pay off our credit cards. But, do we do it? NO! We put it off until we have no other choice, because it's causing us unbearable pain. Only when the pain becomes too great to live with, will we decide we want to do something about it.

"Top producers realize that their primary responsibility is to help clients identify, define and achieve their goals. They actively try to help clients get what the client wants and needs. “Steve Drozdeck, The 2% Differential - The Difference That Makes the Difference

However, Consultative Selling goes far beyond asking questions to guide people to self-discovery of their own financial concerns, there's an even deeper reason. Consultative Selling is being genuinely engaged in asking - and listening beyond a sales motive - to take the conversation, and the relationship, to another place. You become their partner in solving their financial problems, because you cared enough to ask questions beyond the obvious. You cared enough to ask, and did not assume that financial security means the same for everyone. You cared enough to ask what's really important to them. Rather than do what everybody does - push product. Consultative Selling helps you build rapport and trust, which enables you to close more sales, close larger sales, generate repeat sales and gather referrals.

"Long-term sales success is no longer about communicating the value of a product or service! (Features and Benefits) It's about your ability to provide value added service for your clients!"

Consultative selling starts with the first 'face to face' meeting. And, it doesn't matter how or why you got the appointment. It could be for something as simple as discussing mortgage insurance, Medicare supplements, or final expense policies. Or, maybe they agreed to meet with you after they've attended one of your seminars. No matter why they agreed to see you… You must conduct a good, thorough fact-finding interview, if you want to close '9 out of 10' people you meet with and earn the income you want and deserve!

"Consultative Selling Is a Non-manipulative process that focuses on clearly defining a client's needs and objectives and securing agreement that they should be addressed. In traditional selling, on the other hand, the emphasis is on the product." John E. Graziano and Patrick Flanagan... Explore the Art of Consultative Selling

Summary

Consultative Selling, the ability to conduct a good, thorough fact-finding interview, is what enables the Top Producers to consistently earn $250,000, $500,000 or more each year, even in this struggling economy, and in spite of all the bad publicity. It's why they are still able to consistently… Close '9 Out Of 10 Prospects' They Meet With. It's why they are able to close larger sales and get more repeat business. It's why they get more referrals and spend less time and money prospecting! And, it's why they are able to work with fewer prospects and earn a much higher income.

  • Is Consultative Selling easy? No!
  • Is it more work? Yes!
  • Can you learn how to conduct a good, thorough fact-finding interview? Yes!

By combing the use of Internet Leads with the skills of Consultative Selling you will increase your sales volume in all of the lines and products you represent!

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